By Art Wilson, Realtor
Lake Forest‘s August Property sales were 42, up 27.3% from 33 in August of 2016 and -14.3% lower than the 49 sales last month. August 2017 sales were at their highest level compared to August of 2016 and 2015. August YTD sales of 243 are running 11.0% ahead of last year's year-to-date sales of 219.
The Median Sales Price in August was $747,500, down -26.5% from $1,017,000 in August of 2016 and down -4.2% from $780,000 last month. The Average Sales Price in August was $974,928, down -12.8% from $1,117,587 in August of 2016 and up 7.6% from $905,842 last month. August 2017 ASP was at a mid range compared to August of 2016 and 2015.
The Total Inventory of Properties available for sale as of August was 327, down -6.0% from 348 last month and down -15.9% from 389 in August of last year. August 2017 Inventory was at the lowest level compared to August of 2016 and 2015.
The August 2017 Month’s Supply of Inventory of 7.8 months was at its lowest level compared with August of 2016 and 2015. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers.
The average Days On Market (DOM) is how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for August was 78, down -33.9% from 118 days last month and down -21.2% from 99 days in August of last year. The August 2017 DOM was at its lowest level compared with August of 2016 and 2015.
The Selling Price vs Listing Price is the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The August 2017 Selling Price vs List Price of 88.9% was down from 89.3% last month and down from 90.0% in August of last year.
The number of New Listings in August 2017 was 51, down -20.3% from 64 last month and down -19.0% from 63 in August of last year.